Quang Nam: Opportunities to welcome investors

By VAN HAO |

(QNO) - The potentials and advantages of Quang Nam province will continue to be promoted at the Quang Nam Investment Promotion Conference 2017 to attract investment projects, creating momentum for socio-economic development of the province and the key economic region of Central Vietnam.

Garment workers in Dong Que Son industrial park. Photo: NGUYEN SU
Garment workers in Dong Que Son industrial park. Photo: NGUYEN SU

The conference will be held in Tam Ky city on 26 March by the provincial People's Committee and the Ministry of Planning and Investment. It is expected that there will be about 500 participants: the Prime Minister; leaders of ministries, localities and related agencies in the key economic region of Central Vietnam; domestic and foreign organizations and investors.

20 years of investment attraction

Quang Nam, after 20 years of re-establishment, has changed from a purely agricultural province to a modern industrial province. It is illustrated by the proportion of the industrial and service sector in the GRDP increasing from 50% in 1996 to 86% in 2016, the sector of agriculture, forestry and fishery decreasing to 14% in 2016. Quang Nam is making efforts to become a well-developed province of Vietnam by 2020.

There are 5,293 enterprises in operation in the province, including 38 state-owned, 129 FDI and 5,126 non-state enterprises. In 2016, 1,050 new enterprises were registered, up 20% over 2015; about VND11, 660 billion was deposited to the state budget (reaching 158.45% compared with the estimate). The contribution of non-state enterprises accounted for 86.38% (approximately VND10,073 billion); 6.46% and 7.16% went into state-owned and FDI enterprises respectively.

According to the Quang Nam Center for Public Administration and Investment Promotion, there were 129 valid FDI projects with the registered capital of USD 1.98 billion by the end of 2016, 31 times as many at the end of 1997. Just in 2016, 17 new FDI projects with nearly USD 122.8 million of registered capital were licensed.

There are currently 118 projects (about over USD 2.15 billion from 33 FDI and 85 domestic projects) invested into the Chu Lai Open Economic Zone. Some major projects are considered motive, such as Hoi An South Resort, the project of infrastructure investment at Tam Anh-Korea industrial park, and the Chu Lai-Truonng Hai automobile manufacture and assembly complex. In addition, there are 88 valid projects (32 FDI and 56 domestic ones) with over VND3415.7 billion and over USD454.3 million of registered capital are invested in other provincial industrial parks. The businesses in Quang Nam province in 2016 ran well, contributing to provincial revenue and job creation.

According to Vice Chairman of the provincial People's Committee Le Tri Thanh, Quang Nam’s achievements over 20 years are resulted from its potentials and advantages and from the relationships with its neighbors.

About 100 projects called for investment

Everything is now being planned and prepared in detail for the Quang Nam conference on investment promotion in 2017. The information and images of Quang Nam has been broadcast on the mass media, by visual advertisements on streets in Quang Nam province and Da Nang city. It is expected that there are about 300 participants from Japan, Korea, Taiwan, Singapore, Thailand and the United States and Europe in the conference.

According to Vice Chairman Thanh, Quang Nam’s attraction comes from its geo-political advantages, the potentials for the development of supporting industries, medicinal plant and wood processing industries. The synchronously and completely invested infrastructure system (from road, waterway, airway to the connection of the transportation system to the West, Laos and Thailand) also helps Quang Nam to be confident in its investment promotion. The conference 2017 is not just to call for investment into Quang Nam but to confirm the province's position on the investment map of the country.

Reportedly, there are 6 major key project groups in the East and 5 ones in the West of the province. About 100 projects of urban infrastructure, tourism, industry and agriculture will be launched in the conference.

By VAN HAO